Two of the three strikes are related to the gig economy, a centrepiece of the new labour Codes.
Banking operations at public sector banks across the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) went on nationwide strike demanding the immediate implementation of a five-day work week.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
A nationwide strike called by trade unions to protest against the central government's labor policies had a mixed impact across India. While normal life remained largely unaffected in most parts of the country, some sectors like banking, transport, and insurance experienced disruptions. Sporadic incidents of violence were reported in West Bengal.
At a time when the finance ministry is focusing on addressing employee grievances, the number of employees in most public-sector banks (PSBs) has declined over the last three financial years.
Maharashtra Navnirman Sena (MNS) president Raj Thackeray has asked his party workers to temporarily halt the agitation demanding the use of Marathi language in banks and other establishments. Thackeray said the agitation has been successful in raising awareness about the issue and that the government should now implement the Reserve Bank of India's (RBI) norms on the use of local languages. He warned that the MNS will take action if the government fails to ensure the law is followed.
The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek.
Bank employees want a five day work week.
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
The 100-stock largecap basket of Mutual funds (MFs) has seen a major reshuffle in the latest semi-annual reclassification with seven midcap stocks and four new listings earning the largecap tag. According to a report from Nuvama Alternative & Quantitative Research, the midcap stocks that have been upgraded include CG Power, Rail Vikas Nigam, ICICI Prudential Life Insurance, Polycab India, Indus Towers, Cummins India, and Info Edge.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from December 16 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
The unions also made a case for introduction of cluster or hub banking, identifying few branches of each bank in each locality so as to enable bank employees to work on rotation.
Bank unions appear to be divided on whether or not to go on a two-day nationwide strike on October 5 and 6.
Bank unions on Monday requested Prime Minister Manmohan Singh to allow resumption of large scale recruitments in public sector banks and disallow outsourcing in the sector as it would affect job opportunities.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
'In India, managers and the leadership almost glorify overworking.'
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
Employees of four bank unions participating in strike are from All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association and National Union of Bank Employees.
Reserve Bank Governor Bimal Jalan on Monday held a meeting the bankmen's unions in order to address the problems faced by the bank employees in issuing clean currency notes to the public.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
However, the likely impact of strike may not be much excluding few areas, said SBI.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
During the negotiations held on May 5, IBA made two unacceptable propositions including an offer of 2 per cent hike in the wage bill cost as on March 31, 2017
The wage revision of public sector bank employees is due from November 2012.
Dissatisfied with the wage hike offer made by Indian Banks' Association (IBA), public sector lenders' employee unions on Monday threatened to go on a two-day strike from February 10.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
He said the Finance Minister assured the delegation that the Financial Services Secretary would look into the matter and the settlement process would be expedited.
Some of the services like cash deposit and withdrawal at the counter and cheque clearances have been impacted due to the strike by banking staff.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
The strike could have put customers to inconvenience, since banking services would have remained disrupted almost the entire next week, and for the government, as tax payments for 2006-07 have to be made by March 31.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
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